If you have ever subscribed to Adobe Creative Cloud or Microsoft 365, you already know how SaaS pricing works. You pick a tier. You pay the same monthly fee whether you use the product heavily or barely at all. The vendor gets predictable recurring revenue. You get a predictable bill. This model has been the gold standard for almost 15 years. Investors loved it so much that SaaS stocks routinely traded at the highest revenue multiples in the entire market. The reliability of subscription revenue was treated as something close to a financial superpower. That model is now starting to break. If you own SaaS stocks, or if your business runs on SaaS tools, the way these companies charge you is about to change in a fundamental way. And it is going to happen faster than most investors realize. Now, before going further, let me give the old model its due. Subscription SaaS worked for genuine...